USD/CAD extends retreat from 9-month tops

The Canadian dollar finally regained footing versus its American counterpart on Tuesday, as the USD/CAD pair brought an end to its 4-day winning streak amid weaker USD and oil-price rebound.

USD/CAD heading towards 5-DMA at 1.3526

The major is seen on a declining path so far this session,   with the sell-off triggered by broad correction in the US dollar, as a result of a retreat in the US treasury yields. Meanwhile, the USD index drops -0.12% to 99.90, extending retreat from yearly highs posted at 100.24 levels.

Moreover, a rebound staged by oil prices also adds to downside pressure in the major, rescuing the CAD bulls from multi-month lows. The USD/CAD pair is seen dropping -0.18% to 1.3537, hovering close to session lows reached at 1.3530.

Next of relevance for the major remains the US retail sales data due later in the NA session, in the meantime the spot will remain at the mercy of USD dynamics.

USD/CAD: Technical levels:

Key Resistances: 1.3550 (psychological levels), 1.3600 (zero figure/ daily R1)

Key Supports: 1.3490 (previous low), 1.3447 (10-DMA), 1.3400 (daily S3)